Although this is the very first official acknowledgment by Microsoft that it is preparing a new Xbox, detailed reports of the device, said to be codenamed “Durango,” have been leaking out for well over a year. While most of it is what you’d expect — it will play videogames, etc. — what’s a little less clear is whether Microsoft will attempt a serious paradigm shift with the new box, perhaps by requiring an always-online connection or restricting the sale of used games, two rumors that refuse to go away.

If Sony’s February presentation about PlayStation 4 is any indication, we might not get all the answers about the new Xbox on May 21. Sony is still playing many of its cards close to its chest, declining to unveil the form factor of PS4 and other key details until the E3 show in June. It stands to reason that Microsoft will hold some information back as well, but who knows how key that info will be to understanding how the device works.